Ukrainian Civil Servants are Bitcoin Whales

OPendatabot, a company that is into data analytics reported that civil servants in Ukraine own about 46,351 BTC (about $2.67 billion at the current BTC price). Ukrainian public servants are required by law to declare their properties, including the cryptocurrencies they hold. Digital assets are not yet regulated in Ukraine at the moment. A bill that seeks to legally define the status of Bitcoin and other cryptocurrencies is yet to be passed by the Ukrainian Parliament.

Ukrainian Public Servants And Crypto Assets

A total of 791,872 civil servants returned their 2020 asset declaration by March this year. Of this number, 652 declared they held Bitcoin, according to OPendata report.  Ukrainian Parliament members holding crypto accounted for just 3.7%. A huge chunk of the public servants with significant crypto holdings are members of the Ukrainian Town Council, police department, staff of the Office of the Prosecutor General and the Defense Ministry.

The biggest crypto whale in Ukraine is Vyacheslav Mishalov from Dnipro City council. He declared 18,000 BTC worth over $1 billion. Next to that is Secretary to Ukraine’s embassy in Vietnam, Petro Lensky. He reported to owning 6,528 Bitcoins. Next to him is the Deputy Chairman of Odessa regional council who holds 5,328 Bitcoins.

OPendatabot said that the number of public servants in Ukraine investing in cryptocurrencies is rising. Just 71 public officials reported owning crypto in 2018. This figure rose to 424 in 2019. 653 public officials reported owing cryptocurrencies in 2020. Of this, 61% reported to owning BTC, 24% owned ETH and a smaller amount of LTC, ADA, XLM and BCH.

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
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